It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Lemon Better Than Sex Cake
Hold on to yer horses, this Lemon Better Than Sex Cake is BETTER than the original better than sex cake! You can have the chocolate, give me all of the lemon please! Lemon cake, lemon pudding, whipped cream and lemon cream cookies combine to make this dessert a lemon lover’s dream come true!
Hold on to yer horses, this Lemon Better Than Sex Cake is BETTER than the original better than sex cake! You can have the chocolate, give me all of the lemon please!
Ingredients
- 1 18.25 ounce package lemon cake mix
- 2 cups lemon pudding ( instant or cooked pie filling, canned pie filling, lemon curd)
- 2 cups of broken lemon cream filled cookies
- 1 8 ounce container frozen whipped topping thawed
Instructions
- Bake the cake according to package directions for a 9x13 inch pan. Remove from the oven and poke small holes in the top ( making sure not to poke all the way through to the bottom.
- Prepare the lemon instant pudding according to package instructions. If you are using cooked lemon pie filling only use ONE egg yolk to prepare it. You don't want it too thick! You can even skip the egg yolk if wanted and just cook the pudding without if you want it more liquidy. Cook it until it thickens slightly.
- Slowly pour the lemon pudding or pie filling over the top of the warm cake, letting it sink into the holes in the cake. Take 1 cup of the cookies and sprinkle them over the top.
- Let the cake now cool completely, then top with whipped topping. Decorate the top of the cake with some more lemon cookie chunks.
- Refrigerate for an hour or two if you can then serve!
Recipe Notes
Sometimes Instant Lemon Pudding is hard to find in Canada. Simply use the cooked pie filling that is in the box. Be sure NOT to use all of the eggs! You don't want it to set like a pie filling - unless of course, you would like a layer that sets like that. It's all up to you. It will soak into the poked cake holes better if it's more liquidy, but a nice layer of lemon filling is nice too!
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